Market Closes - June 20, 2019

Posted on Jun 20, 2019

Corn Jly +9 450 (436-51); Dec +8 461 (449-62)

Bean Jly +12 915 (896-917); Nov +12 941 (923-43)

  Meal +6 323

  Oil +22 2859

Wheat Jly +4 526 (515-29); Dec +5 541; Jly20 +6 552

  KC +3 460; MGE -3 538

Oats -2 284

Rice -14 1122

 

LC Jun -32 10817; Oct -52 10557; Dec -62 10972

FC Aug -182 13470; Oct -160 13582; Jan -155 13450

LH Jly -237 7925; Oct -172 7572; Dec -115 7530

Milk Jun +1 1629; Jly +20 1715

Corn, soybean and soymeal futures closed strongly higher today as traders have renewed concerns that wet weather and late planting will negatively impact production. Wheat rose on spillover support. Outside markets were also supportive as energy and precious metal futures rose sharply on tensions in the Mideast with Iran. Also the US Dollar slipped 0.5%. On the soybean charts, a bullish “outside up day” was posted. This would be confirmed if prices break above Monday’s highs.

Cattle futures closed lower for a second day with feeder cattle futures losing more due to the rise in CBOT futures.  Choice beef fell .87 to 220.72 and Select lost .76 to 201.48. Light cash trade was reported at $110/cwt. Tomorrow’s Cattle on Feed Report is expected to show the June 1 on-feed inventory at 101.3% of a year earlier.

Lean Hog futures closed sharply lower with the July LH making new lows for the current Apr/May/June downtrend. Tuesday’s sharp drop in the pork cutout along with disappointing weekly pork export sales weighed heavily. FOB Plant Pork slipped .25 to 77.44.

US$ -.5% 96.6

Dow +249 26753

SP +28 2954

NAS +64 8051

Tran +71 10413

  VIX +.40 14.73

U.S. equity markets closed higher with the S&P500 hitting a new record HIGH. Stocks rallied on investors expectations the Federal Reserve will lower interest rates in the coming months.

 

WTI +312 5688

Brent +268 6450

Gas +5 179

NG -6 221

HO +6 189

Eth +3 159

Gold +48 1397

Slvr +53 1549

2-yr -.009 1.757%

5-yr -.002 1.766%

10yr -.011 2.016%

30yr -.007 2.533%

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